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Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
Abstract
This paper presents evidence suggesting that information and incentive problems in the capital market affect investment. We come to this conclusion by examining two sets of Japanese firms. The first set has close financial ties to large Japanese banks that serve as their primary source of external finance and are likely to be well informed about the firm. The second set of firms has weaker links to a main bank and presumably faces greater problems raising capital. Investment is more sensitive to liquidity for the second set of firms than for the first set. The analysis also highlights the role of financial intermediaries in the investment process.
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Citations
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“It delivered capital to firms facing liquidity shortfalls, thereby avoiding costly financial distress (Hoshi, Kashyap, and Scharfstein 1991).”
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Metadata
- Authors
- Hoshi, T., Kashyap, A., & Scharfstein, D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-02-01
- Volume
- 106
- Issue
- 1
- Pages
- 33-60
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2131921554
- Cited by
- 2,359
- References
- 0
- FWCI
- 147.62
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
